Pending Home Sales at Highest Level Since March 2007

“The Pending Home Sales Index (PHSI) jumped 5.2 percent in October to 104.8, its highest level since March 2007, the National Association of Realtors (NAR) reported Thursday. Economists had expected a smaller increase to 100.5.

The September index was revised up to 99.6 from the originally reported 99.5.

On Wednesday, the Census Bureau and HUD reported jointly new home sales—the equivalent of the PHSI—had declined an ever-so-slight 0.37 percent in October. Both reports measure contracts for the purchase of a home.

The PHSI and new home sales report usually move in the same direction…”